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International bonds: IRSA Propiedades Comerciales, 8.75% 23mar2023, USD (USP5880UAB63, P5880UAB6)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingArgentina**/**/**** (**/**/****)360,000,000 USD***/***/***
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Issue information

BorrowerIRSA Propiedades Comerciales
Bond typeCoupon bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The net proceeds from our issuance and sale of the Notes was approximately US$351.8 million after deducting estimated fees and expenses. We will use the proceeds from the issuance of the Notes in accordance with the provisions of Article 36 of the Negotiable Obligations Law for the purpose of extending the maturity profile of our outstanding debt, which may include, without limitation, (a) the repurchase of our Existing IRSA CP Notes in whole or in part up to the outstanding amount of US$120.0 million as of December 31, 2015 and/or (b) the repayment in full the US$240.0 million unpaid balance of the purchase price we owe to IRSA for our acquisition of office buildings and land reserves in December 2014, along with accrued interest thereon. Any excess proceeds will be used for investments in assets in Argentina, capital contributions in subsidiaries and/or working capital in Argentina. We will use any net proceeds of the issuance of notes under this program in compliance with the requirements of Article 36 of Argentine Law No. 23,576 (the Negotiable Obligations Law), as amended, and other applicable regulations, as specified in the applicable pricing supplement. In compliance with Article 36 of the Negotiable Obligations Law, we will use any proceeds for: - investments in tangible assets located in Argentina; - working capital in Argentina; - refinancing or prepayment of outstanding debt; or - capital contributions to controlled or affiliated corporations, provided that such corporations use the proceeds of such contributions for the purposes set forth above.
Par amount, integral multiple500 USD
Nominal of international bonds500 USD
Minimum settlement amount500 USD
Outstanding principal amount500 USD
Amount360,000,000 USD
Outstanding face value amount360,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Redemption price100%
Floating rateNo
Coupon Rate*.**%
Current coupon rate8.75%
Day count fraction***
ACI*** (10/20/2019)
Coupon frequency2 time(s) per year
Interest accrual date**/**/****
Trading floor, trading codeBCBA (trades settled in ARS in Argentina), RPC2O; BYMA (trades settled in ARS in Argentina), RPC2O
ListingLuxembourg S.E.

Related issues

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
10/18/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Interactive Data (ICE Data Services)10/18/2019**.*** / **.***
(**.** / **.**)
Anonymous participant 3210/18/2019**.** / **.**
(**.** / **.**)
BCP Securities10/18/2019**.* / **.*
(**.** / **.**)
Anonymous participant 2010/17/2019**.*
(**.**)
Zurich Cantonal Bank10/14/2019**.** / **.**
(**.** / **.**)
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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
FRANKFURT S.E.10/18/2019 20:18**.** / **.*** (**.** / **.**)**.**** (**.**)
FRANKFURT S.E.10/18/2019*** / *** (*** / ***)*** (***)******Archive
LUXEMBOURG S.E.10/18/2019*** / *** (*** / ***)*** (***)******Archive
FINRA TRACE10/17/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSUSP5880UAB63
ISIN 144AUS463588AA16
CUSIP / CUSIP RegSP5880UAB6
CUSIP 144A463588AA1
CFI / CFI RegSDBFUFR
CFI 144ADBFUGR
FIGI / FIGI RegSBBG00CGWTPT7
WKN / WKN RegSA18ZHD
WKN 144AA18ZP1
FIGI 144ABBG00CGRRVH0
TickerIRCPAR 8.75 03/23/23 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/****
Initial issue price (yield)**.***% (**.**%)
Settlement Duration*.**

Participants

Bookrunner: Citigroup, JP Morgan
Issuer Legal Adviser (International law): Simpson Thacher & Bartlett
Arranger Legal Adviser (International law): Davis Polk
Issuer Legal Adviser (Domestic law): Zang Bergel & Vines Abogados
Arranger Legal Adviser (Domestic law): Salaverri, Dellatorre, Burgio & Wetzler Malbran Abogados

Payment schedule

*****

Coupon dateCoupon, %Coupon payment amount, USDRedemption of principal, USD
Show previous
1**/**/*****.****.**
2**/**/*****.****.**
3**/**/*****.****.**
4**/**/*****.****.**
5**/**/*****.****.**
6**/**/*****.****.**
7**/**/*****.****.**
8**/**/*****.****.**
9**/**/*****.****.**
10**/**/*****.****.**
11**/**/*****.****.**
12**/**/*****.****.**
13**/**/*****.****.**
14**/**/*****.****.*****
Show following
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Early redemption terms

*****

DateOption typeOption styleBenchmark spread, b.p.Until datePrice
Show previous
**/**/****callMake-Whole Call****/**/****
**/**/****call***.**
**/**/****call***.**
**/**/****call***
Show following
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Issue ratings

IRSA Propiedades Comerciales, 8.75% 23mar2023, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)09/05/2019
S&P Global Ratings***/***Foreign Currency LT08/20/2019
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Issuer ratings

IRSA Propiedades Comerciales

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (local curr.)09/05/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)09/05/2019
Fix Scr - affiliate of Fitch***/***LT national scale rating (Argentina)08/24/2017
Fix Scr - affiliate of Fitch***/***LT foreign currency rating05/16/2018
Fix Scr - affiliate of Fitch***/***LT local currency rating05/16/2018
S&P Global Ratings***/***Foreign Currency LT08/20/2019
S&P Global Ratings***/***Local Currency LT08/20/2019
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Consolidated IFRS reports

year 1 Q 2 Q 3 Q 4 Q
2019
1.68 M eng
1.24 M eng
2018
1.72 M eng
1.57 M eng
1.38 M eng
1.43 M eng
2017
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